BioCryst Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

BioCryst Pharmaceuticals (BCRX) announced the grant of inducement stock options totaling 525,000 shares to two newly-hired employees, including 500,000 shares to CFO Anthony Doyle. The options, granted on April 30, 2020, have an exercise price of $3.91, equal to the stock's closing price on the previous day. Mr. Doyle's options include a vesting schedule tied to his employment status, while the other employee's options vest over four years. These grants comply with NASDAQ Listing Rule 5635(c)(4), aimed at attracting talent to support BioCryst's ongoing development in rare diseases.

Positive

• Inducement options granted to attract key talent, including CFO Anthony Doyle.
• Compliance with NASDAQ Listing Rule reflects strong governance.

Negative

• No immediate financial gains from stock options.
• Potential dilution of shares if options are exercised.

RESEARCH TRIANGLE PARK, N.C., May 04, 2020 (GLOBE NEWSWIRE) -- BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced that the compensation committee of BioCryst’s board of directors granted two newly-hired employees inducement options to purchase an aggregate of 525,000 shares of BioCryst common stock on April 30, 2020 as inducements material to each employee entering into employment with BioCryst. This includes a grant of 500,000 shares to the company’s new chief financial officer, Anthony Doyle. The options were granted in accordance with NASDAQ Listing Rule 5635(c)(4).

The options have an exercise price of $3.91 per share, which is equal to the closing price of BioCryst common stock on the last business day prior to the grant date. For Mr. Doyle’s grant, 100,000 options will vest on the first anniversary of the grant or upon termination if, within the first year of his employment, Mr. Doyle is impacted by a reduction in force at the company, and the remainder of which will vest in three equal annual installments, beginning on the second anniversary of his start date. The options for the other employee vest in four equal annual installments beginning on the one-year anniversary of the grant date, in each case subject to the new employee’s continued service with the company. Each stock option has a 10-year term and is subject to the terms and conditions of BioCryst’s Inducement Equity Incentive Plan and a stock option agreement covering the grant.

About BioCryst Pharmaceuticals

BioCryst Pharmaceuticals discovers novel, oral, small-molecule medicines that treat rare diseases in which significant unmet medical needs exist and an enzyme plays a key role in the biological pathway of the disease. BioCryst has several ongoing development programs including berotralstat (BCX7353), an oral treatment for hereditary angioedema, BCX9930, an oral Factor D inhibitor for the treatment of complement-mediated diseases, galidesivir, a potential treatment for COVID-19, Marburg virus disease and Yellow Fever, and BCX9250, an ALK-2 inhibitor for the treatment of fibrodysplasia ossificans progressiva. RAPIVAB^® (peramivir injection), a viral neuraminidase inhibitor for the treatment of influenza, is BioCryst's first approved product and has received regulatory approval in the U.S., Canada, Australia, Japan, Taiwan, Korea and the European Union. Post-marketing commitments for RAPIVAB are ongoing. For more information, please visit the Company's website at www.BioCryst.com.

BCRXW

Contact:
John Bluth
+1 919 859 7910
jbluth@biocryst.com

FAQ

What was announced by BioCryst Pharmaceuticals on May 4, 2020?

BioCryst Pharmaceuticals announced the grant of 525,000 stock options to two new employees, including CFO Anthony Doyle.

What is the exercise price of the stock options granted on April 30, 2020?

The exercise price of the options is $3.91 per share.

How many shares were granted to CFO Anthony Doyle?

CFO Anthony Doyle was granted 500,000 shares as part of the inducement options.

What stipulations are attached to the stock options granted to CFO Anthony Doyle?

Mr. Doyle's options vest after one year or upon termination due to a reduction in force, with subsequent vesting in three equal annual installments.

Are the stock options granted to new employees subject to any specific rules?

Yes, the options were granted in accordance with NASDAQ Listing Rule 5635(c)(4).